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- There is never complete labour mobility, even within single countries. How much is enough? My answer was that the advantages of a common currency in terms of information and transactions costs, etc., have to be enough to overcome any disadvantages arising from insufficient labour mobility. I argue that the gains from a common currency in Europe have been and are sufficient in the case of Europe. (en)
- Europe exemplifies a situation unfavourable to a common currency. It is composed of separate nations, speaking different languages, with different customs, and having citizens feeling far greater loyalty and attachment to their own country than to a common market or to the idea of Europe. (en)
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